Richemont, a Swiss luxury group, saw its shares surge by 6.3% after reporting record full-year sales. Despite a weakening outlook for luxury brands, the company’s group sales rose by 3% to reach a new high of 20.6 billion euros. This impressive growth was a beacon of hope in an uncertain market, leading to a positive
Wealth
Over the past decade, Shenzhen in China has seen unparalleled growth in its millionaire population, recording a staggering 140% increase. This growth eclipses that of other major Chinese cities such as Beijing and Shanghai, which saw more modest gains of 90% and 84%, respectively. In fact, Shenzhen has managed to outperform the country’s overall millionaire
Being super rich may seem like a dream to many, but the reality is not always so glamorous. Therapists who work with ultra wealthy individuals have shed light on the challenges they face, and one of the top issues is chronic isolation. These individuals live in a rarified world where very few people can truly
The key art sales in May are not expected to reach the same heights as the previous year. Major auction houses such as Christie’s, Sotheby’s, and Phillips are anticipating a total of $1.2 billion in sales, which is down 18% from the previous year. This decline follows a trend from the art market’s peak after
In a historic move, the members of the prestigious Garrick Club in Britain have decided to permit women to join the institution, marking a significant shift in its 193-year history. The decision to allow women into the club, which has been exclusively for men since its establishment in 1831, was made with a 59.98% majority
The latest study on global wealth distribution has revealed that New York City stands as the richest city in the world, boasting an impressive 359,500 millionaires and 60 billionaires. Over the past decade, New York has experienced a remarkable 48% surge in its millionaire population, defying concerns of wealth flight and the challenges posed by
Equinox, the high-end fitness chain, is making waves in the industry with the launch of one of the most expensive gym memberships in the world. Priced at $40,000 per year, the “Optimize by Equinox” program is designed to enhance overall health and longevity. By partnering with lab-test startup Function Health, Equinox aims to provide a
Running a family office is no longer a cheap endeavor, with the average cost now surpassing $3 million per year. According to a recent study by the J.P. Morgan Private Bank, wealthy families are spending anywhere from $1 million to over $10 million annually to operate their family offices. This increase in costs can be
Recent studies have shown that large family offices are making a significant move towards alternative investments rather than traditional stock markets. According to the JPMorgan Private Bank Global Family Office Report, these family offices have allocated almost half of their investments in private markets and alternatives. This shift aims to achieve higher returns and lower
The wealth gap among rich millennials and the rest of their age group has continued to widen, leading to increased class tension and resentment. Recent studies have shown that the top 10% of millennials have amassed more wealth than the previous generations, while the majority struggle with student debt, low-wage jobs, unaffordable housing, and low